Carl Icahn

Copier company Xerox Corp. said Sunday it was ending an agreement to combine with Japan's Fujifilm Holdings and is entering a settlement deal with investors Carl Icahn and Darwin Deason. Fujifilm opposed the move.

The two companies had announced earlier this year that Fuji Xerox, their 56-year-old joint venture, would combine with Xerox, with Fujifilm Holdings taking a 50.1 percent stake in the newly formed company, New Fuji Xerox. The deal was meant to be part of a restructuring that, along with other reforms, would save the companies an estimated $1.7 billion a year by 2022.

But Norwalk, Connecticut-based Xerox said the deal was being terminated because of Fujifilm's...

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